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Income Tax - The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]...
Read MoreIncome Tax - A company is eligible for a non-export incentive. It has during FY 2017-18, complied with the criteria of reasonable certainty for receiving a non-export incentive. The company the same in books as per accounting standards....
Read MoreIncome Tax - Academy of Medical Sciences Vs. CIT (Kerala High Court) Background Chapter XVII-B of the Income Tax Act, 1961 deals with deduction and collection of tax at source [with-holding tax]. This chapter is sub survient to section 4 i.e. charging section of the Act. Section 40(a)(ia) deals with dis-allowance of a portion of expenditure[ which i...
Read MoreIncome Tax - In general, it is observed that many laws are written, arranged and designed in a way that makes them hard for common man to understand. The same is true for various contracts which are used in day to day life e.g. insurance contracts. USA Government has passed a law namely the Plain Writing Act of […]...
Read MoreIncome Tax - You would be aware that, recently Supreme Court upheld the decision of Delhi High Court in the case of Fomrula One that it does have Permanent Establishment [PE] in India....
Read MoreCIT Vs. M/s Modipon Ltd. (Supreme Court of India) - The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....
Read MoreMayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad) - Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangaldas Patel v ITO. The learned Ahemdabad ITAT Bench has noted all the facts and circumstances of the case and the law as applicable in very clear manner. It has kept some iss...
Read MoreABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore) - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....
Read MoreGajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune] - The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing ...
Read MoreInstrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata) - The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. ...
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Academy of Medical Sciences Vs. Commissioner of Income-tax (Kerala High Court) -
CIT Vs. M/s Modipon Ltd. (Supreme Court of India) -
Mayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad) -
ABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore) -
